IMF chief warns of high debt and low growth challenges for governments
Summary: The head of the International Monetary Fund, Kristalina Georgieva, warned of a challenging economic environment for governments due to high debt and low growth. She noted that many countries are reluctant to cut spending or raise taxes, worsening public finance issues.
Global public debt is expected to reach a record $100 trillion by the end of 2024, driven by increased borrowing during the pandemic. Georgieva highlighted that both advanced and emerging economies are seeing a shift towards policies favoring fiscal expansion rather than restraint.
Despite some positive signs, such as declining inflation, Georgieva cautioned that the effects of past inflation and ongoing geopolitical tensions could hinder growth. The IMF forecasts global growth of 3.2% in 2024 and 3.3% in 2025.
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